The Benefits of a Virtual Finance Department for Growing Businesses

When you’re getting your business off the ground, there are certain ‘must-haves’, a few ‘I’d like to haves’ and a lot of ‘I wish I could afford….’ But, which of these categories does accounts expertise fit in to?

It’s essential to manage your business finances correctly and with due diligence, as the tax man doesn’t accept “I didn’t realise that” as an excuse from business owners, so that makes it a ‘must-have’.

But let’s be honest, hiring an employee with the right level of expertise to manage your business’s financial needs, from start-up through to aiding growth, is going to be expensive, so surely that puts it into the category of ‘I wish I could afford it’.

We appreciate that growing a business can be both exciting and challenging, especially when it comes to managing finances effectively. Many scaling businesses face the dilemma of needing expert financial management without wanting to incur the costs of an in-house employee or team.

This is where a virtual finance department can be a game-changer. This is a solution that provides the ‘must-have’ but at an affordable rate! Bingo!

Let’s explore the many benefits:

1 - Cost Efficiency
Top of the list and rightly so….
Managing a full-time finance team involves significant expenses, including salaries, benefits, and overheads. You’re faced with recruitment, holiday cover, sick days and all the other challenges that come hand in hand with increasing your workforce. A virtual finance department allows you to access expert services without these costs or worries, providing a more cost-effective solution. Their expertise may even save you money!

2 - Access to Expertise
So many businesses fail due to their lack of access to financial expertise!
A virtual finance department provides you with a team of professionals with diverse and comprehensive skills, the latest knowledge and industry best practices. You gain access to a broader range of expertise than you would with a single in-house accountant. This is a failsafe solution to managing your business finances correctly!

3 - Scalability
The aim of the game is to grow, so opt for a solution that supports your growth.
As your business grows, your financial needs evolve. A virtual finance department can adjust its services to match your business growth, offering flexibility that an in-house team cannot. Don’t let your business’s potential be hindered by in-house restrictions – access every service and solution required to grow by using a virtual finance department.

4 - Risk Management
Mitigate risks, reduce stress and eliminate costly mistakes.
With robust compliance and risk management processes, a virtual finance department helps you navigate regulatory and legal requirements, mitigating financial risks effectively. As a business owner, surely anything that reduces your stress levels is a good thing!

5 - Focus on Core Goals
Remain the expert in your field and let financial experts guide your business.
By outsourcing your financial management, you can focus on your core business activities – the reason you started your business. Let your virtual finance department handle the finances while you concentrate on what you do best!

6 - Transform Your Financial Strategy
No more driving in the dark – planned growth is the way forward…
A virtual finance department is designed to support your growth and drive your business forward. Their data analysis, projections and strategies ensure educated advice and guidance to steer you in the right direction.

At Ellacott Morris our enthusiastic team of experts love nothing more than working closely with our clients to support their business growth and development. We’re not your average accountants – we choose to take a totally unique approach, offering a virtual finance solution that is in tune with your vision, supportive of your goals and as determined as you to reach your targets.

Ready to transform your financial strategy?

Looking for a refreshing approach to outsourcing your business’s accounts?

Need a cost-effective solution to financial management and expert business advice?

Then get in touch with a member of our team…